AI In-Brief

Thailand News in Brief

Thai PBS World

Thailand and the world, every day

AI can make mistakes. Please double-check.

Loss-ridden insurance providers get licenses revoked after massive COVID claims

23 Sept 07:00 Key points summarised by AI

Thailand's Finance Minister revoked the business licenses of Southeast Insurance and Thai Insurance due to overwhelming COVID-19 claims.
The companies accumulated massive liabilities from their 'Found, Paid, Done' COVID-19 insurance policies, causing their debts to exceed assets.
Shareholders refused to increase capital, and the firms faced issues like delayed compensation payments and regulatory non-compliance, leading to the revocations.
The license revocation primarily affects COVID-19 policyholders, as other life and non-life insurance policies have been transferred to different providers.
Southeast Insurance still owes 13 billion baht, and Thai Insurance owes 4.6 billion baht in compensation to claimants.

Today 11:38 Key points summarised by AI

The Cabinet approved a new Bt50-billion 'A House for Each PLUS' home loan scheme from the Government Housing Bank, offering up to Bt3 million with 40-year repayment terms for low- and middle-income earners.
This initiative aims to significantly boost the property sector and national economy, projecting to generate Bt125 billion in economic activity and create jobs.